Review on DigiByte by Karima Priolo

Name: DigiByte
Item: DigiByte
Rating: 5

September 19, 2018

Full DigiByte analysis It is one of the most rapidly growing decentralized…

Full DigiByte analysis
It is one of the most rapidly growing decentralized global blockchains. This cryptocurrency makes use of the blockchain technology, which is a transparent ledger used in different applications. DGB is focused on building state-of-the-art and sophisticated blockchain technology for security applications as cyber threats continue to increase around the world.
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This cryptocurrency like Bitcoin, Ripple, DASH, Steem, Dogecoin, Waves, Bitshares, Monacoin is very popular and it is already stored and traded in more than 89 countries. The popularity of this digital currency is due to a number of reasons such as:
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Non-existent fees.
Lighting fast transactions (nearly instantaneously) without the requirement of any third party such as a bank.
Experienced and dedicated developers are working hard to develop new upgrades as soon as possible. Future updates are expected to make the transactions even faster. The notification of DGB transactions occurs in 1-3 seconds. The blocks are being discovered by the mining algorithm every 30 seconds and transactions are completed every three minutes.
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1 – There is no (or only a very small) network mining fee for most DigiByte to DigiByte transactions to incentivize new miners.
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2 – Users can send and receive DGB coins to or from any verified DigiByte address from around the world without having to register or pay any hidden charges.
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This cryptocurrency uses advanced, modern, and cutting-edge blockchain technology for securing necessary data, documents, and contracts in a way which has never been possible before.
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The transactions in DigiByte are precisely limited in scope and size for the purpose of increasing throughput, speed, and efficiency of the transactions.
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1 – Only 21 billion DGB can be created in 21 years.
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2 – The DigiByte blockchain also maintains the security of all the transactions of this cryptocurrency.
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3 – It has the fastest speed of transactions made on any public UTXO global blockchain with 15 block speed.
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Pros

Mining of DigiByte The mining is carried out through a process known as Proof-of-Work (POW). The miners have to solve complicated and complex mathematical problems to validate the cryptocurrency transactions using high performance computer systems and the latest mining software. Mining is carried out by using high-performance CPU, GPU, or ASIC to process (or “mine”) blocks of transactions on the network of this digital currency. The miners need powerful hardware attached to their computer in order to mine this cryptocurrency. In addition to this, they need specialized mining software and a DigiByte wallet. Mining software and sophisticated hardware are very expensive for small investors. So, the mining of alternative cryptocurrency is ideal for large stakeholders. Many cryptocurrencies have now started to make use of power-of-stake (POS) instead of POW for mining purposes. In POS, the mining of coins doesn’t involve the use of expensive hardware and software products by miners. This makes the process of mining, in the case of POS, more suitable for small cryptocurrency investors.

Cons

DigiByte Innovations: What makes this digital currency more secure? Advanced difficulty stability DGB has one of the most advanced difficulty stabilities in the world. This difficulty stability was achieved by building and implementing MultiShield and DigiShield into this digital cryptocurrency. Five mining algorithms The DGB system makes use of five advanced cryptographic mining algorithms for preventing mining centralization. Global decentralization It is considered to be one of the most secure cryptocurrencies around the world. Its blockchain is widely used by over 100,000+ computers, servers, smartphones, and master nodes globally.